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Circular No. 25/2022 F. No. 225/129/2022/ITA-II Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) New Delhi, Dated 30th December, 2022 Subject: Clarification for the purposes of clause (c) of Section 269ST of the Income-tax Act, 1961 in re
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FAQ :
Section 269ST prohibits the receipt of an amount of two lakh rupees or more by a person through modes other than an account payee cheque, account payee bank draft, or electronic clearing system.
This clarification applies to co-operative societies, specifically in relation to their dealership/distributorship contracts.
For co-operative societies, receipts in cash from a distributor, even if within the prescribed limit, may not be aggregated across multiple days for the purposes of clause (c) of Section 269ST, provided they comply with clauses (a) and (b) of the section.
No, the CBDT clarifies that a dealership/distributorship contract by itself may not constitute an event or occasion for the purposes of clause (c) of Section 269ST.
This clarification was issued by the CBDT on 30th December 2022.
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